Low-quality big data assets can lead to incredibly costly marketing mistakes. Research by Experian indicates that low data quality has a direct impact on revenue for 88% of modern organizations. Average losses are approximately 12% of revenue. For organizations who are shifting towards data-driven marketing and customer experiences, low-quality data can lead to costly mistakes.How Bad is the Average Marketing Big Data?
Per eConsultancy, 22% of information on contacts, leads, and customers contains inaccuracies. Perhaps most concerning, the average organization’s quality index is headed in the wrong direction. Twelve months ago, the average inaccuracy rate was just 17%. Incorrect data can have a real impact on your team’s ability to build segments, understand behavioral triggers and preferences.In contrast, organizations with a high degree of data accuracy are more likely to appreciate:
● Efficiency
● Cost-Savings
● Customer Satisfaction
● Informed Decision-Making
● Protection of Brand Reputation
Poor-quality or old customer data can lead to a series of costly marketing mistakes. Join us as we review some devastating errors that can be directly attributed to inaccurate customer data.1. Low Advertising Conversions
Low conversion rates on programmatic advertising is a symptom, not an issue. Poor click-throughs and conversions can be attributed to a lack of mobile advertising, poor segmentation, irrelevant data, or other factors. However, far too many marketing teams fail to take appropriate action in response to low advertising conversions. Instead of working to improve the breadth or quality of data, they continue generating ads. Before running more ad campaigns, marketing teams should take appropriate action to ensure they can achieve better returns.2. Inconsistent Brand Experiences
Without accurate or up-to-date data, your brand communications could send the message that you don’t know your customers. You may generate programmatic advertising for products your customers already own. You could send an email blast for baby products as their children are approaching preschool age. Marketers need to actively combat a brand experience that’s inconsistent with a customer’s needs and activities. If you miss the mark repeatedly, you’ll struggle to build customer loyalty and sales.3. Poor Email Deliverability
The average return on investment (ROI) for email marketing at mid-sized organizations is 246%. However, organizations have the potential to significantly exceed these benchmarks with appropriate timing, segmentation, and other big data-driven activities. Email communications to outdated contact lists have the potential for a high bounce rate, or percentage of emails that are undeliverable. Email segmentations that are vastly inaccurate could also increase your risk of being pinged as spam. In the mind of a consumer, spam is simply “unsolicited bulk email.” If your messaging is irrelevant or feels too much like a mass communication, it’s likely unwelcome.4. Mobile Neglect
Far too many big data marketing strategies are focused on desktop advertising, email receipt, and experiences. In reality, consumer behavior demands mobile marketing. As of 2015, adults now spend more time engaged with mobile devices than desktops, laptops, and other connected devices combined. There’s a good chance that, at least 50% of the time, your desktop-optimized advertising is consumed on mobile devices. This can lead to poor user experience (UX) and returns on investment.5. Poor Verification Methodologies
All too often, major brands go viral for all the wrong reasons. Poor data verification can lead to mistakes that are embarrassing, insulting, or even hurtful to their loyal customers. OfficeMax sent coupons addressed to “Mike Seay, daughter killed in car crash.” The addendum to the customer’s name was unfortunately true. The company ultimately issued a public apology to the customer. Manual data verification processes are rarely effective in the big data age. Fortunately, using a data management platform (DMP) or another tool to perform quality checking against 3rd party data can eliminate much of the risk of similar mistakes.
If your organization’s data quality is average or below average, you’re at risk for many of these expensive marketing mistakes. By taking the appropriate internal steps to improve your quality standards, you can improve the ROI and impact of your marketing efforts.BDEX offers high-quality, real-time big data assets from trusted 3rd party vendors to safeguard against low-return marketing investments. By downloading the right data resources directly into your DMP, you can improve the accuracy of your customer records, gain deeper insight into your buyers, and build better segments.For more information on becoming a BDEX buyer or seller, click here.Image Credit

BDEX, the first ever Data Exchange Platform, is proud to announce that the company has been selected to present as a finalist at the 2016 Florida VentureTech Showcase in downtown Tampa November 1st. The winner of the Space Florida Accelerating Innovation Award will receive a $100,000 prize and the runner-up will receive $50,000.

The Florida Venture Forum, founded in 1984, is the “leading entrepreneurial and private company investor networking group in Florida.”Past presenters at the conference have raised almost three billion dollars in venture capital investment for their businesses. With board members that include strategic corporate investors as well as active venture capital funds, the non-profit member organization is an instrumental tool for Florida’s entrepreneurial community.

David Finkelstein, CEO and co-founder, along with CDO and co-founder Michael Aronov, will attend the conference. Presenters were chosen by a selection committee assessing growth-stage companies in Florida. BDEX, founded in Florida in 2014, also has offices in New York City and Seattle, Washington.

Longtime business partners, Finkelstein and Aronov founded one of the first Internet service providers in the country, National Internet Source, Inc. in 1994. The pair sold the company to U.S. Cable Corporation in 2000 before founding Contextuads, which serves advertising networks and PPC search engines through more efficient ad targeting. After finding themselves with an abundance of useful data at their fingertips, Finkelstein and Aronov created BDEX. Combining the functionality, data, and reach of a traditional DMP in a true marketplace environment, BDEX enables companies to acquire quality, impartial third-party data to target their audience like never before.

To learn more about BDEX, our services, or investment opportunities, visit our website or email us at info@bdex.com.

BDEX is honored to be chosen to present at this year’s Emerging Technologies & Business Showcase hosted by the Florida Venture Forum.

Florida Venture Forum, Space Florida, and Enterprise Development Corp of South Florida have selected twenty-four Florida-based companies to present at the Emerging Technologies & Business Showcase (ETBS), to be held at the Hyatt Regency in Coral Gables on November 4.